Fintech
TransNetwork acquires Uruguayan fintech Inswitch
US B2B payment platform Transnet acquired Uruguayan fintech Switch for an undisclosed amount. The acquisition was completed on February 29.
With the acquisition, Switch can legally operate in the United States. Following the transaction, Inswitch plans to expand into Latin American markets, including countries such as Ecuador.
Inswitch’s embedded financial platform allows businesses to offer payment solutions, e-wallets, digital banking and credit cards via a single API.
“We are already working on 10 business opportunities with very important clients in the United States. Until now we were working on obtaining operating licenses and with TransNetwork we no longer need permits, we can start working with their US customers right away,” he said Ronald AlvarengaCEO of Switch.
Founded in 2002, Switch processes approximately $13 billion annually, serving more than 100 clients including companies such as Despegar, PedidosYa, ItauAND BBVA.
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